Role of the Compliance Office
The OeNB’s Compliance Office (CO) helps ensure compliance with legal and internal requirements through preventive measures. Its work contributes to reducing legal risks and protecting the OeNB’s reputation.
These measures include:
- identifying legal and compliance risks;
- developing and implementing internal policies and rules;
- conducting training and ongoing monitoring activities.
The compliance management system is also implemented in the OeNB’s subsidiaries in line with defined minimum standards.
The Compliance Office reports directly to the Vice Governor and submits annual reports on its activities to the Governing Board and the General Council. It also reports to the Praesidium or the General Council whenever required.
Responsibilities of the Compliance Office
The Compliance Office develops rules within its areas of responsibility and monitors compliance with them.
Its responsibilities include:
- private financial transactions;
- corruption prevention (e.g. gifts or invitations);
- preventing, managing and mitigating conflicts of interest;
- secondary employment;
- contributing to aspects of the risk assessment of business partners.
The Compliance Office has issued staff rules in all these areas and monitors compliance with them.
It also operates an electronic whistleblowing platform and a whistleblower protection system in accordance with the Whistleblower Protection Act (HSchG).
The Compliance Office represents the OeNB on the ECB’s Ethics and Compliance Committee.
